Whalesbook
Stock Ko Kisne Di Fuel?
Is NBFC giant ne FY26 ke Q4 mein ₹5,553 Crore ka Net Profit report kiya hai, jo pichle saal ke comparison mein 22% ka jump hai. Unki revenue from operations bhi ₹21,606 Crore par pahunch gayi hai. Sabse badi khabar yeh hai ki unka Assets Under Management (AUM) ab ₹5.09 lakh Crore ho gaya hai, jo pichle saal se 22% zyada hai. Naye loans bhi 20% badhe hain, 1.28 Crore se zyada bookings hui hain. Iske alawa, board ne ₹6 per share ka final dividend bhi recommend kiya hai.
Market Girne Par Bhi Yeh Kaise Bhaga?
Majje ki baat yeh hai ki jab yeh results aaye, tab BSE Sensex toh 1.12% neeche tha, lekin Bajaj Finance ka stock seedha ₹970.1 tak pahunch gaya. Yeh dikhata hai ki investors ko company ke performance par kitna bharosa hai.
Analysts Kya Keh Rahe Hain?
Dekho, Bajaj Finance abhi apne P/E ratio par 29.9 se 31.9x par trade ho raha hai. Yeh apne industry average jo lagbhag 20x hai, aur peers jo 23.8x par hain, usse kaafi premium hai. Lekin Motilal Oswal ne target ko ₹1,000 aur JM Financial ne ₹1,080 kar diya hai. Company management ka kehna hai ki FY27 mein AUM 22-24% grow karega aur PAT bhi usi hisaab se badhega.
Par Kuch Chintaayein Bhi Hain...
Sab kuch itna bhi smooth nahi hai. Motilal Oswal ko lagta hai ki short-term mein Net Interest Margin (NIM) mein thodi kami aa sakti hai. Macquarie aur Bernstein jaise firms 'Underperform' rating de rahe hain, unka kehna hai ki FY27 ke growth targets bahut zyada ambitious ho sakte hain. Gross NPAs bhi 1.01% ho gaya hai (pehle 0.96% tha), toh asset quality par nazar rakhni padegi.
Leadership Aur Strategy Update
Ek aur badi khabar yeh hai ki Rajiv Bajaj board se step down kar rahe hain. Company AI mein bhi invest kar rahi hai taaki operations aur behtar ho sakein.
Sector Ka Outlook Aur Brokerage Views
Overall NBFC sector FY26 mein 15-17% AUM growth expect kar raha hai, par borrowing costs badhne ki wajah se challenges hain. Emkay Global ne 'Reduce' rating ke saath target ₹950 kiya hai. Company ne FY27 ke liye credit cost guidance 1.45-1.6% diya hai.